You will be given the answer. You must give the correct question. Jeopardy Choose a category. You will be given the answer. You must give the correct question. Click to begin.
Click here for Final Jeopardy Choose a point value. Choose a point value. Click here for Final Jeopardy
10 Point 10 Point 10 Point 10 Point 10 Point 10 Point 20 Points Trade ‘Cha Why Nations Trade Trade Barriers Effects of Trade Barriers Trade Agreements Measuring Trade 10 Point 10 Point 10 Point 10 Point 10 Point 10 Point 20 Points 20 Points 20 Points 20 Points 20 Points 20 Points 30 Points 30 Points 30 Points 30 Points 30 Points 30 Points 40 Points 40 Points 40 Points 40 Points 40 Points 40 Points 50 Points 50 Points 50 Points 50 Points 50 Points 50 Points
You have something I want, I have something you want
What is let’s trade
Chances are something you have on came from this trade partner of the United States
What is China
This is the buying and selling of goods and services across national borders
What is International Trade
International Trade occurs because of this state of resources, which is always present & never goes away
What is scarcity
The United States’ #1 import trade partner is this country
What is China
The ability to produce more of a given product using a given amount of resources
What is absolute advantage
Comparative Advantage
What is the ability to produce a product with a lower opportunity cost given all the other products that could be produced
The idea or law that a nation is better off when it produces goods and services for which it has comparative advantage
What is the law of comparative advantage
Export
What is a good that is sent to another country for sale
Import
What is a good that is brought in from another country for sale
A means of preventing a foreign product of service from freely entering a nation’s territory
What is a trade barrier
Limit on the amount of a good that can be imported
What is an import quota
A payment from the gov’t to a business that helps that business compete with foreign manufacturers
What is a subsidy
Customs duty
What is tax on certain items purchased abroad in another country
A tax on an imported good
What is a tariff
Trade barriers simply do this
What is limit supply
Due to trade tariffs, a Honda or Toyota may have a higher one of these
What is price
A cycle of increasing trade restrictions between countries
What is a trade war
Protectionism
The use of trade barriers to protect a nation’s industries from foreign competition
The 3 main arguments (reasons) for protectionism
protecting infant industries, safeguarding national security What are protecting jobs, protecting infant industries, safeguarding national security
International free trade agreement
What is an agreement to reduce trade barriers and tariffs between at least 2 countries
A worldwide organization whose goal is freer global trade & lower tariffs
What is the World Trade Organization (WTO)
European Union
What is a regional trade organization made up of European nations
NAFTA eliminated this
What is tariffs the trade barriers between Canada, Mexico, and the United States
This created the largest free trade zone in the world by size
What is NAFTA
Exchange rate
What is the value of a foreign nation’s currency in terms of the home nation’s currency
An increase in the value of a currency
What is appreciation
Foreign Exchange Markets
What are banks and other financial institutions that facilitate the buying and selling of foreign currencies
Depreciation
What is the decrease in the value of a currency
Balance of Trade
The relationship between a nation’s exports and imports
Final Jeopardy Make your wager
As of October 2013, the US balance of trade is this
What is -41.78 billion